IRAS Consultation Paper on Transfer Pricing Documentation

The Inland Revenue Authority of Singapore recently issued a public consultation paper on transfer pricing documentation, which aims to provide a better general understanding of Singapore taxpayers’ obligations in respect of transfer pricing documentation, most notably introducing contemporaneous transfer pricing documentation requirements. This article makes a comparison between the current Transfer Pricing Guidelines, the consultation paper and the recent guidance provided by the OECD, and addresses some concerns raised by taxpayers as well as possible next steps.